Aviva Investors Property investment Fund

AvivA investors ProPertY investMent FUnD short rePort For the six months ended 15 July 2012 avivainvestors.co.uk Contents investment objective and Approach 2 Fund Manager’s report 3 Fund Facts 6 Comparative tables 7 Fund information 9 avivainvestors.co.uk1 Aviva investors Property investment Fund short report avivainvestors.co.uk 2Aviva investors Property investment Fund short report investMent obJeCtive AnD APProACh Investment Objective the investment objective of the Fund is to obtain a consistent income return with some capital appreciation, through investment principally in real property and with exposure to investments including bonds, government and other public securities, and units in collective investment schemes. Investment Approach in order to achieve its objective the Fund will primarily invest in: • approved immovables which will, initially, be properties

within the United Kingdom but the Manager may, in due course, consider it appropriate to invest in real property in other countries permitted by the regulations; • units in regulated and unregulated collective investment schemes, each to the extent permitted by the Prospectus and the regulations. the Fund may invest up to 100% of its property in approved immovables but will typically invest between 80 and 90% of its property in direct property and collective investment schemes that are principally invested in direct property. the Fund also has maximum flexibility to invest in such other investments which the Manager deems appropriate, including transferable securities, money-market instruments, derivatives and forward transactions (including those relating to property or property indices), deposits and gold, but subject always to this investment Approach and the regulations. ‘regulations’ means the FsA handbook of rules and Guidance. Full details of the investment Approach can be found in the Full Prospectus. Risk Profile the Fund’s investment portfolio is exposed to market price fluctuations. Property valuations are a matter of the independent valuer’s opinion rather than fact. the Fund is exposed to cash flow/liquidity risk and, in line with standard industry practice for valuing dual priced funds, can switch between a bid price basis and an offer price basis. Where funds are invested in property, investors may not be able to switch or cash in their investment when they want because property in the Fund may not always be readily saleable. if this is the case we may defer their request to switch or cash in their units. there are no material overseas investments so there is no exposure to foreign exchange risk. the yield from a property may be affected by tenant failure or availability of supply in the sector or micro-location. avivainvestors.co.uk3 Aviva investors Property investment Fund short report FUnD MAnAGer’s rePort For the six months ended 15 July 2012 Total Performance During the six months ended 15 July 2012 the Fund produced a total return (after the deduction of charges and non-recoverable expenses) of -4.89% (1) . to enable reasonable performance comparisons, the Fund’s total return for the period 31 December 2011 to 30 June 2012 (the nearest available comparison dates) was -4.56% (1) . the gross return from the direct property portfolio within the Fund to the end of June 2012 was -3.8% which compares with 1.2% from the investment Property Databank (iPD) balanced Monthly...

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